21 May 2019 | AMF news release | The AMF publishes a summary of its thematic review of portfolio management practices In 2018, the Autorité des Marchés Financiers (AMF) carried out two rounds of five thematic inspections of investment service providers, other than asset management firms (9 credit institutions and 1 investment firm authorised to manage portfolios on behalf of third parties). On the basis of its observations, it has prepared a list of good and poor…… and fees. In its summary, the AMF sets out the applicable rules, as well as the good and poor practices that were … entails not making them bear the cost of internal organisational decisions made by the service provider. This … rectify all observed instances of non-compliance with the rules applicable to portfolio management. About the AMF The … |
20 May 2019 | News | Publication by ESMA of technical advice on the integration of ESG risks and factors The European Commission has made sustainable finance one of its priorities, with the launch of an Action Plan in March 2018. In this context, in early May ESMA published two sets of technical advice for investment services and asset managers on the integration of environmental, social and governance (ESG) risks and factors.… the MiFID 2, AIFM and UCITS directives. Regarding organisational requirements, ESMA has adopted a proportionate … investment firms, another part of the advice concerns the rules applicable to product governance: this involves taking … |
23 April 2019 | Policy | Instruction DOC-2019-05 Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies that a foreign market does not require any recognition provided that non-professional clients are not solicited to carry out transactions on financial instruments tradable within it, either directly or indirectly through a market…… of the MiFID 2 directive and comply with regulatory and organisational requirements stemming from the said directive. … The AMF assessment covers the market’s organisation and rules as well as on the main applicable national securities … ongoing basis; (ii) the exchange has clear and transparent rules regarding the admission of financial instruments to … |
23 October 2018 | News | Asset management: some reminders ahead of the 2018 post-summer holiday period Money market funds, securitisation: management companies need to prepare for new regulatory deadlines in the coming months. At the same time, the AMF intends to continue its support initiatives relating to the new markets in financial instruments framework, MiFID II. Overview of the main texts to watch out for, with Xavier Parain, deputy Secretary…… Its objective: to standardise and secure the operating rules for money market funds in Europe. Existing funds, which … policy that applies to all funds, which replaces the rules that currently apply. Management companies must ensure … if necessary, asset management companies must adapt their organisational structures. Moreover, they must ensure they … |
23 February 2018 | News | Classification of financial instruments as 'simple' or 'complex' as regards organisational rules for asset management companies: the AMF updates its policy The AMF has amended its policy to propose a simpler and clearer methodology for assessing whether financial contracts and financial securities incorporating a financial contract are 'simple' or 'complex', as regards the management company's organisation and human resources. The Authority has also clarified the characteristics of strategies that…… financial instruments as 'simple' or 'complex' as regards organisational rules for asset management companies: the AMF updates its … to AMF Position-Recommendation DOC-2012-19. … Reminder of organisational rules when using financial instruments or … |
03 January 2018 |
| Article 318-13 Book III - Service providers > Title I bis - Asset management companies of AIFs > Chapter III - Organisational rules > Section 7 - Conflicts of interest… management company shall maintain and operate effective organisational and administrative arrangements with a view to … them to the unit or shareholders of the AIFs. II. - Where organisational arrangements made by an asset management … for in that contract and shall comply with the AIF rules or instruments of incorporation. The contract shall … |
03 January 2018 |
| Article 316-3 Book III - Service providers > Title I bis - Asset management companies of AIFs > Chapter I - Procedures for authorisation, programme of operations and passport > Section 1 - Authorisation and programme of operations > Sub-section 1 - Authorisation… and indicating the type of transactions envisaged and its organisational structure. This programme of operations is … about each AIF it manages or intends to manage; The rules or instruments of incorporation of each AIF it intends … and indicating the type of transactions envisaged and its organisational structure. This programme of operations is … |
03 January 2018 |
| Article 521-3 Book V - Market infrastructures > Title II - Multilateral trading facilities > Chapter I - General provisions > Section 2 - Authorisation for a market operator to operate a multilateral trading facility and changes to the conditions of this authorisation > Sub-section 1 - Authorisation for a market operator to operate a multilateral trading…… setting out inter alia: the types of business; its organisational structure, the human material, technical and … Code, notably to control compliance with the system's rules by its members and to ensure a smooth trading process; … setting out inter alia: the types of business; its organisational structure, the human material, technical and … |
03 January 2018 |
| Article 531-3 Book V - Market infrastructures > Title III - Organised trading facilities (OTF) > Chapter I - General provisions > Section 2 - Authorisation for a market operator to operate a multilateral trading facility and changes to the conditions of this authorisation > Sub-section 1 - Authorisation for a market operator to operate an organised trading…… setting out inter alia: a) the types of business; b) its organisational structure, the human material, technical and … Code, notably to control compliance with the system's rules by its members and to ensure a smooth trading process; … setting out inter alia: a) the types of business; b) its organisational structure, the human material, technical and … |
24 December 2017 | General regulation | General regulation of the AMF into force from 24/12/2017 to 02/01/2018 … 42 CHAPTER I – GENERAL RULES AND COMMON PROVISIONS … 71 CHAPTER II - ORGANISATIONAL RULES … 82 CHAPTER IV - CONDUCT OF BUSINESS RULES … 103 CHAPTER III - ORGANISATIONAL RULES … 104 SECTION 1 - ORGANISATIONAL RULES … 128 CHAPTER 3 - ORGANISATIONAL REQUIREMENTS … |
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02